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Posts Tagged ‘UBS pleads guilty of fraud’

Libor Scandal Update: UBS GUILTY of FRAUD!!!

Posted by Larry Doyle on December 19th, 2012 6:54 AM |

GUILTY!!

Why would anybody want to do business with an institution that systematically participated in a widespread fraud over a period of years? I guess that very statement could likely be said of many global banks in regard to the scandal encompassing the manipulation of Libor.

Today, though, the scarlet letter is applied to the Union Bank of Switzerland as it pleads guilty to fraud in the manipulation of Libor and other benchmark interest rates. This bucket shop has agreed to pay a $1.5 billion fine. (more…)






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